Bank Nifty hold to gann angle with new time cycle approaching

  • As discussed in Last Analysis  Bank Nifty made low of  21551 so bulls held on to 21500 in today’s correction so we can continue the upmove towards 21850/21990 as we have weekly closing tomorrow, Friday being an holiday. Bearish below 21500 for a move towards 21400/21350Bank Nifty continue to hold on to its gann angle suggesting bulls are holding the grip. Holding the low of 21600 BUlls can continue to see upmove towards 21800/21920/22000. Bearish on close below 21520 for a move towards 21400/21350/21230. New time cycle is starting from coming week (More Details in Weekly Analysis) so we can see good trending move in next 1-2 days. Employ your mind wisely or else it will Employ You

  • Bank Nifty April Future Open Interest Volume is at 30.7 lakh with addition  of 1 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @21316, closed above it and Rollover % at 65.2
  • 22000 CE is having highest OI @4.8 Lakh resistance at 22000. 20500-22500 CE saw liquidation of 0.64  lakh in OI suggesting bears used the fall to cover their positions.
  • 21500 PE is having highest OI @6.9 Lakh, strong support at 21300 followed by 21000, Bulls added 1.67 Lakh position in OI in range of 20500-22500 .

Buy above 21700 Tgt 21760,21820 and 21910 (Bank Nifty Spot Levels)

Sell below 21550 Tgt 21490,21380 and 21300 (Bank Nifty Spot Levels)

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